MONTREAL, QUEBEC -- (Marketwire) -- 01/07/13 -- Adventure Gold Inc. (TSX VENTURE: AGE) ("AGE", the "Corporation") announce that the National Instrument 43-101 technical report representing the qualifying report for the recently announced initial resource estimate for the Val-d'Or East project located in the Abitibi area, Quebec has now been filed on SEDAR and available on the company's website. Here are some highlights of the study previously reported by the Corporation on November 21, 2012 along with a new estimation table for the total in-pit inferred resource with Whittle Pit Optimization (from surface to 250 metres). All details are included in the final report.
-- The selected base case inferred resource is 770,000 ounces (9.13 million tonnes grading 2.63 g/t Au, capped at 30 g/t), using cut-off grades of 1 g/t Au (surface to 350 metres depth) and 1.5 g/t Au (350 metres and below). SGS Canada Inc. outlined three gold deposits over a 1500-metre long strike, up to 900 metres deep and 600 metres wide;-- In order to verify the open pit potential, further to the base case, a Whittle Pit Optimization has been run by SGS Canada Inc. The presented scenario has a 0.69 g/t Au marginal cut-off grade with a gold price of 1500 Cdn$/oz.troy, an ore mining price of 4.5 Cdn$/t, a mining recovery of 98%, 15% dilution, a processing recovery of 95%, a processing cost including G&A and premium costs of 27.5 Cdn$/t. The resulting 3 open pits contain a total inferred resource totaling 4.34 Mt at 2.38 g/t with 330,000 gold ounces. Below the Whittle optimized pits (Underground potential), the inferred resource is 390,000 gold ounces (3.91 million tonnes grading 3.13 g/t Au, capped at 30 g/t) using a cut-off grade of 1.5 g/t Au;-- The mineralized system is still open at depth and laterally. Also of interest, additional resources may be discovered inside the conceptual Whittle open pits as approximately 50% of the volume was not drilled yet. The dyke-type mineralization has a good angle for both open pit and underground selectivity and mining. The past operation at the Beliveau mine suggests that the mining recovery should be very good on the dykes of the New Beliveau, North and Highway deposits. The thickness of the flat structures is also sufficient for open pit or underground consideration. The geotechnical aspects of the project seem good for both open pit and underground mining at this point. The project is located 26 kilometers from Val-d'Or and therefore close to all required infrastructure for a proper development. Key infrastructure for the project: a currently existing 340-metre deep shaft, 660 metres of ramp, underground development drifts on five levels, industrial access road, power line, a railway within 1.5 kilometres and custom milling facilities in Val-d'Or;-- SGS concluded that the Pascalis-Colombiere property, part of the company's Val-d'Or East project, has supported profitable commercial mining operations in the past. While some resource was mined on the property, some remain and should be evaluated. Significant additional exploration drilling is clearly warranted on the property to increase the quality and quantity of gold resources. SGS recommended to continue the drilling with a 20,000 metres program on the New Beliveau, North and Highway gold deposits with the main objectives to cover the volume inside the conceptual Whittle pits and extend the resource outside the pits shell up to 250 metres depth. SGS Geostat considers that mineral resources defined on the property meet the requirement of reasonable prospect of economic extraction. However, it should be understood that the mineral resources which are not mineral reserves do not have demonstrated economic viability. The mineral resources presented in the technical report are estimates based on available sampling and on assumptions and parameters available to the authors dated November 15, 2012. More details and parameters used for the resource estimate are available in the NI 43-101 technical report.
The following people have reviewed this press release and approved the technical report and are deemed qualified persons under NI 43-101: Claude Duplessis, Eng. and Yann Camus, Eng., SGS Canada Inc.
Jules Riopel, P.Geo., Vice-President Exploration and Acquisitions, acting as the Company's qualified person as defined by NI 43-101, has reviewed this press release and has supervised the exploration program on the Val-d'Or East project.
The Val-d'Or East Project
The Val-d'Or East project consists of the 100%-owned Pascalis-Colombiere, Senore and Beaufor North properties. With the Beaufor West and Pascalis Extension properties, Adventure Gold owns a total of 107 mining claims covering a surface area of 3,708 hectares in the area. From 1989 to 1993, the Pascalis-Colombiere property was the site of gold production at the L.C. Beliveau Mine, where Cambior Inc. (now IAMGOLD) mined the New Beliveau gold deposit. A total of 1.8 Mt of ore was extracted at a grade of 3.17 g/t Au, from the surface to 300 metres depth (total of 167,000 ounces of gold from the main diorite dyke, official production from Cambior postmortem report, Nov. 1996).
The Corporation is a mineral exploration company focused on discovering and developing high-quality gold deposits in the Abitibi region located in eastern Canada - one of the richest gold mines areas in the world. The Corporation has become, in a few years, an important player in the mining exploration industry with one of the best portfolio of exploration properties along the main gold-bearing structures of the Abitibi Greenstone Belt. The Company is exploring mainly close to gold mines where the mining production infrastructures are already existent, which distinguishes it from several other exploration companies. The Corporation's exploration team are mining professionals having worked previously for well-established producing companies and understand the industry challenges. The Corporation owns 100% of the rights on its three main projects namely: Val-d'Or East, Detour Quebec and Casa-Cameron. The Val-d'Or East flagship project encompasses the Pascalis-Colombiere property where Cambior Inc. (now IAMGOLD) was producing gold between 1989 and 1993 at the Beliveau Mine. Close to the former mine, the Corporation recently discovered a significant new gold system and works actively in its development. As disclosed in its latest financial statements, the Corporation is well financed to apply its business plan.
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The foregoing information may contain forward-looking statements and events relating to the future performance of the Company. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially. These risks and uncertainties are detailed from time to time in the Company's filings with the appropriate regulatory authorities. We seek safe harbour.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Adventure Gold Inc.
President & CEO
Adventure Gold Inc.
Vice-President Exploration and Acquisitions